We are pleased to announce the sale of Banner Service Corporation (“Banner” or the “Company”) to MiddleGround Capital (“MiddleGround”), a middle market focused private equity firm.
Banner is a leading value-added processor and distributor of metal bar products that serves a diverse customer base in a variety of end markets. The Company operates as North Americas largest, most diverse and regionally located supplier of precision bar products and parts to medical and industrial customers. Please see www.banner-servicecorp.com for further information.
This sale is the result of an effective partnership between High Street Capital and the Company’s management team, led by Mark Redding, which began in 2012. Mark Redding, the CEO of Banner, noted, “High Street Capital was a terrific partner during their seven years of Banner ownership. Together we set out to increase our percentage of higher margin medical device related sales. They supported us with the strategy and capital approval to execute this plan successfully as well as committing to a successful niche acquisition for our industrial business. We are well positioned for future growth and further acquisitions.”
Joe Katcha, a High Street Capital Partner, commented, “We first met Mark Redding and his team during a previous process. We knew of their strength and that we would work well with them. When the opportunity arose to buy Banner Service Corporation, we discussed management’s plan for the medical business and aggressively supported opening a state-of-the art facility in Warsaw, IN, home to many medical device OEMs. Mark and his team executed beautifully in navigating material lead times, tariffs and a rapidly changing price environment.”
The sale of Banner marks the fourth exit for High Street Capital IV. We are actively seeking new investment opportunities for High Street Capital V, a $165 million fund raised in 2018, in the areas of outsourced business services, niche manufacturing and value-added distribution. Please contact us for businesses with revenues between $10 million and $100 million where the combination of our capital, experience and ideas could drive future growth.
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